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Tech Titans Lose $150 Billion in Single Day
6 Nov
Summary
- Nine wealthiest tech titans lost over $150 billion in one day.
- Nasdaq plunged into a correction, dropping more than 5%.
- Elon Musk's wealth decreased by approximately $80 billion.
Tech moguls endured a significant financial blow on Thursday, witnessing over $150 billion erased from their combined net worth in a single trading session. This substantial loss was driven by a sharp decline in AI and chip stocks, causing the Nasdaq to enter a correction with a drop exceeding 5%.
Investors reacted to the potential for increased regulation on AI and data-center spending following recent US midterm election results. Elon Musk's fortune saw the largest reduction, decreasing by approximately $80 billion. Michael Dell and Jensen Huang also experienced significant wealth erosion, losing around $19 billion and $15 billion respectively.
Despite these considerable daily losses, many of these tech leaders remained wealthier than they were a year prior, benefiting from a previous boom in AI stocks. However, some, like Larry Ellison, have seen substantial year-over-year decreases in their net worth. Some stock values showed signs of recovery in premarket trading on Friday.
